Solana Smart Whale Sells $44M SOL For Profit, What’s Next?

A Solana smart whale has once again sparked a buzz across the broader crypto space on Monday, selling nearly $44 million worth of SOL and making colossal profits. Recent on-chain data suggests that a smart whale bagged nearly 0.5 million coins previously, selling some of it now to make massive profits.

This massive selloff and profit-making saga has garnered significant attention among market watchers, as the whale still holds considerable amounts of the same crypto, indicating that further gains in SOL price may be witnessed.

Solana Smart Whale Sells $44M SOL For Profit Sparking Investor Optimism

As per on-chain data revealed by Lookonchain dated November 4, a smart whale sold 265,070 SOL, worth $43.96 million, to one of the leading crypto exchanges Binance making profits. Notably, the whale bagged 500,862 SOL, worth $11.81 million at the time of accumulation, between August 7 and October 23, 2023. This purchase now evaluates to roughly $81.14 million, marking a phenomenal gain for the trader.

Apart from the selloff, this Solana smart whale address holds $24.72 million worth of JitoSOL and 126,631 SOL worth $20.58 million, per Lookonchain data. Overall, the existing holdings, boasting a profit of $87 million on SOL, sparked noteworthy market optimism for the crypto across the broader market.

SOL Price To Gain Further?

SOL price encountered quite the turbulence over the past day, down marginally by 0.5% to $162 at the time of reporting. Its intraday low and peak were registered to be $158.14 and $164.71, respectively. Although the coin showcases volatility amid recent market trends, the monthly chart for the same underscores 12% gains. This broader bullish trajectory hints that the coin still has the potential to pump.

Simultaneously, a recent Solana price prediction by CoinGape Media indicates that the coin is still ‘cheap’ at the current price level. This analysis is primarily attributable to the crypto’s current trading session, which is below 37% from its peak of $260.06. Market watchers suggest that this metric flags the coin’s potential to pump further.

However, Coinglass data added a layer of intrigue to future movements, as the coin’s futures OI dropped 7.55% over the past day to reach $03.02 billion. Crypto enthusiasts continue to monitor the asset’s price for further shifts in light of the abovementioned statistics.

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Coingape Staff

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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.